The Japanese Yen as an International Currency

Author/Editor:

George S Tavlas ; Yusuru Ozeki

Publication Date:

January 1, 1991

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.

Series:

Working Paper No. 91/2

Subject:

English

Publication Date:

January 1, 1991

ISBN/ISSN:

9781451930993/1018-5941

Stock No:

WPIEA0021991

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

62

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